Allianz Asset Management GmbH Reduces Holdings in Tegna Inc (TGNA)
Allianz Asset Management GmbH trimmed its holdings in shares of Tegna Inc (NYSE:TGNA) by 24.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 68,489 shares of the company’s stock after selling 22,255 shares during the period. Allianz Asset Management GmbH’s holdings in Tegna were worth $913,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Synovus Financial Corp raised its holdings in shares of Tegna by 4.4% during the second quarter. Synovus Financial Corp now owns 10,304 shares of the company’s stock worth $148,000 after purchasing an additional 438 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Tegna by 523.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,337 shares of the company’s stock worth $138,000 after acquiring an additional 8,678 shares during the last quarter. FNY Partners Fund LP bought a new position in shares of Tegna during the second quarter worth about $158,000. Cambridge Investment Research Advisors Inc. grew its position in shares of Tegna by 4.1% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 12,599 shares of the company’s stock worth $182,000 after acquiring an additional 499 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Tegna during the third quarter worth about $169,000. 99.71% of the stock is currently owned by institutional investors.
In other news, SVP Clifton A. Mcclelland III sold 7,740 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $13.69, for a total transaction of $105,960.60. Following the completion of the transaction, the senior vice president now owns 32,335 shares in the company, valued at approximately $442,666.15. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Todd A. Mayman sold 36,830 shares of the firm’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $12.63, for a total transaction of $465,162.90. Following the transaction, the executive vice president now owns 19,420 shares of the company’s stock, valued at approximately $245,274.60. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.
Tegna (NYSE:TGNA) last announced its earnings results on Wednesday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.01. The firm had revenue of $464.26 million during the quarter, compared to analyst estimates of $463.23 million. Tegna had a net margin of 11.10% and a return on equity of 20.50%. Tegna’s revenue was down 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.65 EPS. equities analysts forecast that Tegna Inc will post 1.07 earnings per share for the current fiscal year.
Tegna declared that its board has authorized a stock buyback plan on Tuesday, September 19th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to buy up to 11.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 8th will be given a $0.07 dividend. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $0.28 dividend on an annualized basis and a yield of 1.98%. Tegna’s dividend payout ratio is presently 18.06%.
TGNA has been the subject of several recent research reports. ValuEngine lowered shares of Tegna from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. FBR & Co restated a “hold” rating and set a $15.00 price target on shares of Tegna in a research report on Wednesday, November 1st. BidaskClub upgraded shares of Tegna from a “sell” rating to a “hold” rating in a research report on Thursday, September 28th. Noble Financial restated a “buy” rating on shares of Tegna in a research report on Wednesday, October 11th. Finally, Zacks Investment Research upgraded shares of Tegna from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 13th. Two analysts have rated the stock with a sell rating, six have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Tegna presently has a consensus rating of “Hold” and an average price target of $17.88.
Tegna Inc has a portfolio of media and digital businesses that provide content. The Company’s segments include TEGNA Media (Media) and TEGNA Digital (Digital). As of December 31, 2016, its media business included 46 television stations operating in 38 markets and offered television programming and digital content.
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